Sponsor by Innity

Sponsor by cwyeoh

Sponsor by Nuffnang

Friday, November 30, 2012

YTL CORPORATION BERHAD is an investment holding and management company. The principal activities of the Company and its subsidiaries are that of an integrated infrastructure development comprising construction contracting, power generation, property development, manufacturing of industrial products and supplies, hotel development and management, incubating and advisory services for Internet businesses, supply of water and the treatment and disposal of waste water. It has seven business segments: construction, information technology and e-commerce related business, hotel and restaurant operations, cement manufacturing and trading, management services and others, property investment and development, and utilities. In March 2008, it acquired Trend Acres Sdn Bhd. As of July 8, 2008, it held a 61.14% interest in CCK Consolidated Holdings Berhad. In December 2008, it acquired a 26% interest in Macquarie Prime Real Estate Investment Trust.

Revenue decreased 4.8% but higher than preceding year corresponding quarter 11.6%, eps increased 38% and also higher than preceding year corresponding quarter 44.4%, cash generated from operating not enough to cover financing expenses hence generated more cash from financing to cover all other expenses, gross margin decreasing below 20% compared earlier above 20% to 50%, liquidity ratio indicate just enough current assets to meet current obligation, gearing ratio indicate very high liabilities risk but is good if bring more income, all accounting of turnover period is good, Cement division benefit from higher selling price of cement

First Support Price

1.7

Second Support Price

1.6

Risk Rating

MODERATE

Research House

Jupiter Target Price

2 (2012-03-16)

ECM Target Price

2.44 (2012-08-17)

Kenanga Target Price

1.8 (2012-08-17)

Maybank Target Price

2.2 (2012-11-23)

Accounting Ratio

Return on Equity

9.78%

Dividend Yield

1.14%

Gross Profit Margin

16.65%

Operating Profit Margin

15.59%

Net Profit Margin

12.82%

Tax Rate

17.88%

Asset Turnover

0.4042

Net Asset Value Per Share

1.3

Net Tangible Asset per share

0.82

Price/Net Tangible Asset Per Share

2.12

Cash Per Share

1.46

Liquidity Current Ratio

1.3624

Liquidity Quick Ratio

1.2205

Liquidity Cash Ratio

0.9151

Gearing Debt to Equity Ratio

2.9044

Gearing Debt to Asset Ratio

0.7089

Working capital per thousand Ringgit sale

26.8%

Days to sell the inventory

47

Days to collect the receivables

80

Days to pay the payables

77

Technical Analysis

SMA 10

1.75 (Uptrend)

SMA 20

1.746 (Uptrend 5 days)

SMA 50

1.75 (Same)

SMA 100

1.803 (Downtrend)

SMA 200

1.709 (Uptrend)

MACD (26d/12d)

0.002996 ( 0.000232 )

Signal (9)

-0.00221 ( 0.001302 )

MACD Histogram

0.005206 (Bullish trend 5 days)

Bolinger Upper Band

1.797

Bolinger Lower Band

1.695

My notes based on 2013 quarter 1 report (number in '000):-
- Higher revenue mainly contributed by higher sales recorded in the multi utilities, water & sewerage and mobile broadband networks division, commencement operations of two new resorts and improvement in revenue from Niseko Village K. K, substantially contributed by the Capers project under the Sentul Raya development and higher selling price of cement and better performance of concrete sales

- Higher pbt mainly due to higher selling price of cement and better performance of concrete sales and unrealised foreign exchange gain and derivative gain recorded in an offshore subsidiary

Naim Holdings Berhad, formerly Naim Cendera Holdings Berhad, is principally engaged in investment holding. The Company operates in three segments: property development, which is engaged in the development of residential and commercial properties; construction, which is engaged in the Construction of buildings, roads, bridges and others, and others, engaged in manufacture and sale of construction materials, provision of sand extraction and land filling services, property investment holdings. During the year ended December 31, 2008, the Company sold 629 units of residential and commercial properties. In July 2009, the Company incorporated Naimcendera Engineering & Construction Sendirian Berhad.

Revenue increased 10.6% and was third consecutive quarter increasing and also higher than preceding year corresponding quarter 41.3%, eps decreased 7.1% but higher than preceding year corresponding quarter 183.1%, cash generated from investing enough to cover financing expenses but still need borrowings and spent 7.6% of Group cash to cover operating and investing expenses, gross margin dropped from 24% to 17% but still at average of 21% per quarter, liquidity ratio indicate very firm can meet current obligation, gearing ratio indicate high leverage via long term borrowings to expand the business, all accounting of turnover period still quite long time which require more cash, all segment business growth

First Support Price

1.85

Second Support Price

1.7

Risk Rating

MODERATE

Research House

OSK Target Price

2.94 (2012-08-01)

Jupiter Target Price

2.14 (2012-08-02)

AMMB Target Price

2.95 (2012-09-03)

TA Target Price

3.17 (2012-10-03)

Kenanga Target Price

2.62 (2012-11-30)

MIDF Target Price

3.14 (2012-11-30)

Accounting Ratio

Return on Equity

10.71%

Dividend Yield

3.24%

Gross Profit Margin

17.68%

Operating Profit Margin

10.71%

Net Profit Margin

22.91%

Tax Rate

2.05%

Asset Turnover

0.3153

Net Asset Value Per Share

3.43

Net Tangible Asset per share

3.39

Price/Net Tangible Asset Per Share

0.55

Cash Per Share

0.83

Liquidity Current Ratio

4.9436

Liquidity Quick Ratio

3.5112

Liquidity Cash Ratio

1.1851

Gearing Debt to Equity Ratio

0.6909

Gearing Debt to Asset Ratio

0.4029

Working capital per thousand Ringgit sale

149.3%

Days to sell the inventory

252

Days to collect the receivables

305

Days to pay the payables

171

Technical Analysis

SMA 10

1.917 (Downtrend)

SMA 20

1.94 (Downtrend 4 days)

SMA 50

1.883 (Uptrend)

SMA 100

1.837 (Uptrend)

SMA 200

1.868 (Downtrend)

MACD (26d/12d)

-0.007184 ( 0.005052 )

Signal (9)

0.009816 ( 0.00425 )

MACD Histogram

0.017000 (Bearish trend 14 days)

Bolinger Upper Band

2.057

Bolinger Lower Band

1.823

My notes based on 2012 quarter 3 report (number in '000):-
- Higher revenue and pbt than FY11Q3 mainly due to higher sales of properties and improvement in the margin for the construction segment, especially from the substantially completed projects and also improvement in the performance of associates and joint ventures